Credit Issues

December 2, 2014

Mortgage interest rates continue to be low, and home values are on the uptick. If you are considering a refinance, there are some important home mortgage interest rules you should be aware of.

February 18, 2014

A loan default is the failure to meet the financial obligations indicated in the loan agreement that is signed by you and your lender. Often, a loan default translates into the business owner's inability to pay their debts on time. Due to the differences in each loan agreement, default penalties vary. However, the effects of defaulting on the loan fall into two general categories- immediate repercussions and future implications for both you and your business.

November 5, 2014

Being in debt isn't necessarily a terrible thing. Most people are, between mortgages and car loans and credit cards and student loans. Being debt-free should always be a goal, but you should focus on the management of it, not the presence of it. It'll likely be there for most of your life, and if you handle it wisely, it won't feel so much like an albatross around your neck.

February 18, 2014

It can happen any number of ways. You can lose your job. Have an expensive medical emergency. Find yourself with three children in college. Be an adult during a national financial crisis. Whatever causes it, you may find yourself in crisis mode money-wise, and need some quick solutions.

November 5, 2014

There are myriad important numbers in your financial world, but few as critical as your credit (FICO®) score. This FICO® number, ranging from 300-850, can affect your ability to buy a house or car, get a credit card or other loan, or even get a job sometimes. Your FICO® score also affects the interest rates on loans.

September 15, 2014

Over the past few years, mortgage interest rates have dropped significantly and homeowners in increasing numbers are refinancing their home mortgages and in the process, have extended the term of the loan. Many of these homeowners frequently take additional cash out of the new loan to pay down other debts, finance education, buy a car, etc. In doing so, homeowners may be unwittingly creating a situation where part of their home mortgage interest may no longer be deductible. Generally, the mortgage interest that you may deduct on your home includes the interest paid on the acquisition debt and $100,000 of equity debt, provided the combined debt does not exceed the value of the home or $1,100,000.

October 15, 2014

Often, when a couple separates and divorces, one spouse continues to live in the family home. Frequently, the departing spouse will simply quitclaim the property to the spouse retaining the home. When filed, the quitclaim deed takes the departing spouse's name off the title. However, it does not remove that spouse's name from the mortgage.

April 24, 2014

Generally, it is sound financial advice for you to get out of debt. But that may be easier said than done, especially if the debt is sizeable compared to your ability to repay. When locked into a long cycle of debt repayment, the drudgery can become a significant burden. The payoff of a particular balance can seem far into the future and you will have to maintain your discipline to eventually get out from under the burden.

April 24, 2014

There are a number of reasons to consider refinancing: lower payments, lower interest rates, eliminating PMI payments, paying for home improvements, creating college funds, consolidating debt, purchasing a second home, or even financing a business venture.

April 24, 2014

Over the past few years, mortgage interest rates have dropped significantly and homeowners in increasing numbers have refinanced their home mortgages and in the process, have extended the term of the loan and are frequently taking additional cash out to pay down other debts, finance education, buy a car, etc. In doing so, homeowners may be unwittingly creating a situation where part of their home mortgage interest may no longer be deductible. Generally, the mortgage interest that you may deduct on your home includes the acquisition debt and $100,000 equity debt, provided the combined debt does not exceed the value of the home or $1,100,000.

April 24, 2014

Minimize the INFORMATION a thief can steal - The following are some guidelines to help avoid becoming a victim of identity fraud. If you have already become a victim, see our Tips for Victims.